The 12-story development will include 58 apartments with 261 beds, aimed at UM students. The Collegian North will feature a fitness area, study lounges and a 10th floor patio overlooking the Diag on campus, said Sean Havera, vice president of construction for Hughes Properties.

The ground floor of the building will host four commercial spaces. No tenants had signed a lease as of Monday, Havera said, but they are in the process of lining up businesses to occupy the space.

The Collegian North will stand 150 feet tall and is expected to cover 115,552 square feet between the Espresso Royale and TCF Bank on South University.

Ulrich's Bookstore, which has operated in Ann Arbor since 1934, was located in one of the buildings that will be demolished for The Collegian North project.

"This site is very historic," said Ron Hughes, president of Hughes Properties. "Everyone that's gone to the University of Michigan has bought their books here."

A rendering by Hobbs and Black Architects unveiled on Dec. 20, 2016, showing a new design for a 12-story high-rise on South U called The Collegian North, to be located just east of the pedestrian mall area where the Diag meets South U.Ryan Stanton | ryanstanton@mlive.com